Brazil:
Brazil: Reduction Of Taxation On Financial Derivatives
02 December 2013
TozziniFreire Advogados
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As of June 13, 2013, the Brazilian Government reduced to zero
the Tax on Bonds and Securities ("IOF/Bonds and
Securities") levied over the applicable notional amount upon
the acquisition, sale or maturity of financial derivatives in
Brazil, as long as the corresponding derivatives transaction (i)
increases the short foreign exchange position or (ii) decreases the
long foreign exchange position of the taxpayer.
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